Operating profit at Robert Bosch increased by 16 percent in 2022, as the supplier's Mobility Solutions division outperformed an auto market that was hurt by semiconductor shortages and the war in Ukraine.
Earnings before interest and taxes (EBIT) rose to 3.7 billion euros ($4.04 billion) from 3.2 billion euros in 2021. Profit margin was 4 percent.
Revenue increased 10 percent after adjustments for exchange-rate effects to 88.4 billion euros, Bosch said Friday.
Sales at Bosch’s Mobility Solutions business sector, its largest unit, rose by 17 percent to 56.2 billion euros, or 12 percent after adjusting for exchange rate effects, Bosch said.
The supplier did not release separate profit or margin figures for the unit, but Bosch said in a release that it “cannot be satisfied with its profitability” and that margins were weighed down by supply chain cost increases and investments “in the transformation of the company’s mobility business.”
Bosch’s margin was also 4 percent in 2021.
Bosch is ranked No. 1 on the Automotive News list of the top 100 global suppliers, with worldwide sales to automakers of $49.14 billion in 2021.
The Stuttgart, Germany-based company is not publicly listed. The Robert Bosch foundation holds 94 percent of share capital, with the remaining shares family- or company-owned.